Accounts and financial activities of Corona Group
AuthorIslam, Md. Diaun ul
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Corona Industries is one of the major business companies of Corona Group. Corona Group has six major businesses. Among them Corona Tractors is one major business. Based on the profit potentiality partial products are traded and partial are manufactured in their own manufacturing company. The main product portfolio consists of Corona Tractors, Corona Luk- oil, Corona Service, Corona Agro Foods are manufactured, Imported, and Inventories in Darikandi factory and sold under Corona Group brand. Tractors, LuK-Oil, Spare Parts are traded and imported products. The Spare Parts unit sells their products through their own retail outlet and through selected dealers. Dealers are considered as the Primary customers through whom CTL sells their products to the secondary customers who actually are the final customers. Spare Parts depends heavily on their dealers for the business. Therefore, they are much concerned about the dealer policy, process and overall operation. For dealership appointment CTL follows a systematic selection policy inviting them for application with required documents. Documents and all other issues are assessed through an assessment form in proper system. There are specific policies for commission, delivery and transportation etc. for the dealers. There are different incentives for dealers to encourage satisfactory business. CTL heavily depends on relationship building and makes the most of it for business. Dealers help CTL to reach remote places for business though it becomes difficult to minimize cost under different circumstances due to different issues related to the dealers. Dealers present several opportunities for CTL’s business like switching customers in, campaigning etc. On the other hand their illegal activities may also cost CTL a great deal when dealers take advantages of unfair means to maximize their own profit and interest. CTL conducts the order and delivery process in a systematic way. Dealers can pay to Tel through cash, cheque, DD, pay order to fulfill the transaction. CTL enjoys dealer coverage in all districts of Bangladesh. CTL very much depends on push strategy with a little pulling activity. There are different promotional activities taken towards dealers. Article offer and cash discounts are the most popular trade promotions. Dealers sell their products to the ultimate users. For their own business purposes and profits dealers can also deal with other competing companies of CTL and products of those companies. CTL emphasizes much on Customer Service. There are two systems prevailing. One is customer service from Darikandi Narayongonj which is called Home Care and for remote places there are Inter-Service systems are available where appointed agents work for CTL. There are issues which CTL needs to show their concern. For example transparency in commission, dealer profit margin, management communications, transportation, pull strategy. These are some of the issues which affect dealer’s satisfaction and Dealer’s satisfaction is related to CTL‘s business success. So this is a critical issue to look at. Finally, Spare Parts business unit is a small though an important business for CTL and Spare Parts success depends a lot on their proper management and dealings with the dealers. A proper dealer management of dealers can bring about great success for Corona Tractors Business.